RBZ -Three individuals have been arrested in connection with the theft of US$34,500 intended for the Reserve Bank of Zimbabwe’s (RBZ) exhibition stand at the Harare Agricultural Show. The suspects now face charges of fraud and money laundering in the Bulawayo Regional Court, highlighting the growing concern over cyber-enabled financial crimes in the country.
The accused have been identified as Rubble Chinanai, 54, and Ashel Chinanai, 35, both residents of Cowdray Park in Bulawayo, and Tichawanda Kevin Chinyande, 31, from Southview in Harare. Investigators allege that the trio conspired to illegally divert funds meant for the central bank’s exhibition, using electronic means to execute the theft in RBZ.
According to law enforcement sources, the stolen funds were allocated to cover the operational costs of the RBZ’s stand at one of the country’s largest agricultural events, where the central bank typically showcases its initiatives, engages with stakeholders, and promotes financial literacy. The US$34,500, earmarked for logistical arrangements including equipment, promotional material, and staffing, was reportedly siphoned off via digital channels.
The Zimbabwe Republic Police (ZRP) cybercrime unit, working in collaboration with the RBZ’s internal audit team, initiated investigations following irregularities noticed in the bank’s accounts. Preliminary findings suggested that electronic transfers had been manipulated to redirect the funds to accounts controlled by the suspects.
Three Arrested for Cyber-Enabled Theft of US$34,500 from RBZ
Rubble Chinanai, Ashel Chinanai, and Tichawanda Chinyande were apprehended after a series of coordinated raids in Bulawayo and Harare. They are now facing formal charges of fraud and money laundering in the Bulawayo Regional Court. If convicted, the trio could face substantial prison sentences, reflecting the serious nature of cyber-enabled financial crimes and the judiciary’s growing intolerance for white-collar offenses.
Cybercrime investigators have noted that this case illustrates the evolving tactics of fraudsters in Zimbabwe, who increasingly exploit digital platforms to embezzle or misappropriate funds. By targeting institutions such as the RBZ, perpetrators not only compromise public resources but also undermine confidence in the country’s financial systems.
The theft has prompted renewed calls for enhanced cybersecurity measures across government agencies and parastatals. Experts warn that as digital banking and electronic fund transfers become more prevalent, vulnerabilities must be addressed proactively to prevent similar incidents.
Professor Tendai Moyo, a specialist in cybersecurity at the University of Zimbabwe, emphasized the need for stringent oversight. “Cyber-enabled fraud is no longer confined to private accounts. Public institutions, including the Reserve Bank, are increasingly targets. Strengthening digital infrastructure, enforcing strict internal controls, and continuous monitoring are essential to safeguarding public funds,” Moyo said.
In response to the theft, the Reserve Bank of Zimbabwe confirmed it is cooperating fully with law enforcement authorities. The central bank has also reviewed its internal controls and digital transfer protocols to prevent a recurrence of such incidents.
An RBZ spokesperson stated, “We are committed to ensuring that public funds are protected and that all incidents of fraud are dealt with decisively. The bank will continue to work with the police and other relevant authorities to recover any misappropriated funds and hold perpetrators accountable.”
The three accused appeared before the Bulawayo Regional Court, where the case was formally registered. The prosecution is expected to present evidence including digital transaction records, bank statements, and expert testimony from cybersecurity specialists. Defense lawyers are likely to challenge aspects of the digital trail and question procedural compliance during the investigation, potentially leading to a protracted legal process.
Observers note that the case could set an important precedent for how Zimbabwe’s legal system addresses cyber-enabled financial crimes. With the increased reliance on digital payments and transfers, courts may play a critical role in deterring future offenses through strict application of fraud and money laundering statutes.
Incidents such as this highlight the delicate balance between technological advancement and security in Zimbabwe’s financial sector. Ensuring that public confidence is maintained requires not only prosecuting offenders but also reinforcing preventive measures at institutional levels.
As the case unfolds in the Bulawayo Regional Court, stakeholders—including government institutions, financial service providers, and the public—will be closely monitoring proceedings. The outcome may influence future policies on cybersecurity, internal auditing, and digital transaction monitoring across both public and private sectors.
The arrest of Rubble Chinanai, Ashel Chinanai, and Tichawanda Chinyande serves as a stark reminder of the risks posed by cyber-enabled crimes, the importance of vigilant oversight, and the judiciary’s role in safeguarding public funds from fraudulent activities.
Source- iHarare
